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Side-by-side financial comparison of Fatpipe Inc (FATN) and LIQTECH INTERNATIONAL INC (LIQT). Click either name above to swap in a different company.
Fatpipe Inc is the larger business by last-quarter revenue ($4.1M vs $3.1M, roughly 1.3× LIQTECH INTERNATIONAL INC). Fatpipe Inc runs the higher net margin — 7.6% vs -83.0%, a 90.6% gap on every dollar of revenue. On growth, Fatpipe Inc posted the faster year-over-year revenue change (3.2% vs -8.2%).
Liqtech International Inc. is a technology firm specializing in the development, production and distribution of advanced silicon carbide membrane filtration and purification solutions. Its products serve sectors including maritime, industrial wastewater treatment, food and beverage, and renewable energy, with key markets covering North America, Europe and the Asia-Pacific region.
FATN vs LIQT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $3.1M |
| Net Profit | $310.7K | $-2.6M |
| Gross Margin | 87.7% | -3.4% |
| Operating Margin | 9.8% | -85.8% |
| Net Margin | 7.6% | -83.0% |
| Revenue YoY | 3.2% | -8.2% |
| Net Profit YoY | 816.0% | 13.7% |
| EPS (diluted) | $0.02 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.1M | $3.1M | ||
| Q3 25 | $4.0M | $3.8M | ||
| Q2 25 | $3.9M | $5.0M | ||
| Q1 25 | — | $4.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $2.5M | ||
| Q2 24 | — | $4.5M | ||
| Q1 24 | — | $4.2M |
| Q4 25 | $310.7K | $-2.6M | ||
| Q3 25 | $-43.4K | $-1.4M | ||
| Q2 25 | $741.2K | $-2.2M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | — | $-3.0M | ||
| Q3 24 | — | $-2.8M | ||
| Q2 24 | — | $-2.1M | ||
| Q1 24 | — | $-2.4M |
| Q4 25 | 87.7% | -3.4% | ||
| Q3 25 | 92.1% | 19.6% | ||
| Q2 25 | 94.2% | 9.8% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | -15.5% | ||
| Q3 24 | — | -8.5% | ||
| Q2 24 | — | 16.0% | ||
| Q1 24 | — | 6.4% |
| Q4 25 | 9.8% | -85.8% | ||
| Q3 25 | -0.0% | -35.0% | ||
| Q2 25 | 25.5% | -42.6% | ||
| Q1 25 | — | -47.3% | ||
| Q4 24 | — | -81.2% | ||
| Q3 24 | — | -104.5% | ||
| Q2 24 | — | -46.5% | ||
| Q1 24 | — | -48.3% |
| Q4 25 | 7.6% | -83.0% | ||
| Q3 25 | -1.1% | -37.6% | ||
| Q2 25 | 18.8% | -43.4% | ||
| Q1 25 | — | -50.9% | ||
| Q4 24 | — | -88.2% | ||
| Q3 24 | — | -114.6% | ||
| Q2 24 | — | -47.1% | ||
| Q1 24 | — | -56.4% |
| Q4 25 | $0.02 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $0.05 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $5.1M |
| Total DebtLower is stronger | $4.6M | — |
| Stockholders' EquityBook value | $21.2M | $10.4M |
| Total Assets | $32.4M | $27.3M |
| Debt / EquityLower = less leverage | 0.22× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $5.5M | ||
| Q1 24 | — | $7.7M |
| Q4 25 | $4.6M | — | ||
| Q3 25 | $4.8M | — | ||
| Q2 25 | $4.9M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $21.2M | $10.4M | ||
| Q3 25 | $21.0M | $12.8M | ||
| Q2 25 | $20.4M | $13.9M | ||
| Q1 25 | — | $15.1M | ||
| Q4 24 | — | $16.7M | ||
| Q3 24 | — | $11.4M | ||
| Q2 24 | — | $12.3M | ||
| Q1 24 | — | $14.5M |
| Q4 25 | $32.4M | $27.3M | ||
| Q3 25 | $32.2M | $30.3M | ||
| Q2 25 | $32.0M | $31.7M | ||
| Q1 25 | — | $31.7M | ||
| Q4 24 | — | $32.4M | ||
| Q3 24 | — | $28.7M | ||
| Q2 24 | — | $28.6M | ||
| Q1 24 | — | $31.4M |
| Q4 25 | 0.22× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.24× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $240.9K | $-2.1M |
| Free Cash FlowOCF − Capex | — | $-2.3M |
| FCF MarginFCF / Revenue | — | -73.5% |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | 0.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-6.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $240.9K | $-2.1M | ||
| Q3 25 | $399.8K | $-1.1M | ||
| Q2 25 | $-508.6K | $-1.6M | ||
| Q1 25 | — | $-1.3M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | — | $-1.7M | ||
| Q2 24 | — | $-1.8M | ||
| Q1 24 | — | $-2.0M |
| Q4 25 | — | $-2.3M | ||
| Q3 25 | — | $-1.2M | ||
| Q2 25 | $-551.1K | $-1.7M | ||
| Q1 25 | — | $-1.5M | ||
| Q4 24 | — | $-2.4M | ||
| Q3 24 | — | $-2.1M | ||
| Q2 24 | — | $-2.0M | ||
| Q1 24 | — | $-2.3M |
| Q4 25 | — | -73.5% | ||
| Q3 25 | — | -31.4% | ||
| Q2 25 | -14.0% | -33.7% | ||
| Q1 25 | — | -31.6% | ||
| Q4 24 | — | -70.3% | ||
| Q3 24 | — | -85.3% | ||
| Q2 24 | — | -45.6% | ||
| Q1 24 | — | -55.4% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | 1.1% | 1.2% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 14.7% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 9.2% |
| Q4 25 | 0.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.69× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FATN
| Products | $2.6M | 63% |
| Other | $1.5M | 37% |
LIQT
Segment breakdown not available.
